BNA reported on December 5 that California's Franchise Tax Board decided on December 4 to seek to decouple California law from Treasury's announced change to the operation of section 382 regarding built-in loss allowance. See BNA DailyTax RealTime, Dec. 5, 2008. The state ordinarily follows federal income tax law in determining California taxable income, but the Treasury action is expected to cost the state at least $300 million in 2009 and as much as $2 billion over the next few years, depending on the number of bank mergers. The Board said that California should not follow the Notice since it was issued by Treasury without statutory authority.
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December 06, 2008
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